Apprehension in First Bank as furious Otedola Sanctions Management after ‘lavish’ Send-off
Folake Ani-Mumuney was asked to resign as First Bank’s global head of marketing and corporate communications by Femi Otedola, the chairman of the holding company, insiders have told TheCable.
A top employee of the bank informed TheCable that Otedola was “seriously irked” when he learned that a whopping sum was spent on a send-off party for Adesola Adeduntan, the former MD of the bank who was reportedly forced to resign over alleged negligence in a N60 billion electronic fraud.
It is still unclear if Ani-Mumuney’s resignation is directly linked to the party.
However, insiders said Otedola believed it was “insensitive and wasteful” to throw such a lavish party when the clear direction and mandate of the bank is to recapitalise and reposition the institution from excesses of the past management.
The source also stated that Otedola, who has in recent times developed a reputation for being a “no-nonsense activist investor”, is planning to take more “drastic” decisions and actions to keep First Bank on the track of impeccable banking “devoid of extravagance and waste of shareholders’ resources”, TheCable was told.
The development has sent panic across the top echelon of Nigeria’s oldest bank.
The source further said: “We are seeing efforts to plug leakages that have set the institution back over the years.”
The send-off party was held at the Harbour Point, Victoria Island, Lagos, on November 2, in honour of Adeduntan, who was GMD and CEO for nine years until April 2024.
Despite Otedola’s absence, the party had in attendance many dignitaries and top management of the bank.
Chelsea Came from 2 Goals Down to Win at Tottenham
Chelsea fought back from two goals down to win 4-3 at London rivals Tottenham to close the gap on Premier League leaders Liverpool to four points.
Spurs, who have blown a two-goal lead for the second time this season after losing 3-2 at Brighton, were 2-0 up after just 11 minutes through Dominic Solanke and Dejan Kulusevski as Chelsea defender Marc Cucurella was forced into a change of boots after slipping for both goals.
Jadon Sancho then got the visitors back into the game in the 17th minute as he produced a wonderful curling low finish off the post from outside the box.
Chelsea midfielder Moises Caicedo then won a second-half penalty as he drew a rash challenge from Yves Bissouma that allowed Palmer to equalise from the spot in the 61st minute.
Chelsea always looked likeliest to win the game and Enzo Fernandez completed the turnaround in the 73rd minute with a powerful near-post volley.
Spurs’ defensive frailties were on display again as Sarr gave away another poor penalty that allowed Palmer to produce a cool Panenka in the 84th minute to extend their lead.
Heung-Min Son pulled a stoppage-time goal back but it was too little too late as Chelsea held on for a fourth straight league win to move second behind Liverpool, who have a game in hand after the Reds’ match against Everton was postponed on Saturday.
Spurs, meanwhile, are heading in the opposite direction with back-to-back league defeats leaving them 11th, seven points off the top four and boss Ange Postecoglou under even more pressure.
Arsenal had a late goal disallowed as they missed the chance to close the gap on Premier League leaders Liverpool to four points with a draw against Fulham at Craven Cottage.
Bukayo Saka thought he had given the Gunners all three points when he headed in Gabriel Martinelli’s cross two minutes from time, but the goal was disallowed after the Brazilian was found to be offside during the build-up.
Raul Jimenez, with his sixth goal of the season, put Fulham in front against the run of play when he latched on to Kenny Tete’s ball down the line to fire past David Raya from a tight angle.
Arsenal, looking to capitalise on the postponement of Liverpool’s Merseyside derby against Everton on Saturday, struggled to carve out opportunities from open play in the first half and managed just one shot on target from Saka.
But Mikel Arteta’s side were level within six minutes of the second half after a well-worked corner kick routine saw William Saliba convert Kai Havertz’s knockdown.
It was one-way traffic after that as Arsenal pushed to find a winner but they struggled to break down a resolute Fulham side.
The draw means Arsenal are six points behind leaders Liverpool, having played a game more
Storm Darragh Forced Everton vs Liverpool Match Postponement
The Merseyside derby between Everton and Liverpool at Goodison Park has been postponed on safety grounds because of severe weather caused by Storm Darragh.
An amber weather warning for strong winds was issued for Merseyside on Saturday morning amid disruptive conditions across the UK.
The game was called off after a meeting between both clubs and representatives from Merseyside Police and Liverpool City Council.
“Whilst we appreciate this will be deeply disappointing for supporters, the safety of fans, staff and players is of paramount importance,” an Everton statement read.
Liverpool said the decision was “due to the risk to safety in the local area”.
The match was due to kick off at 12:30 GMT and be the final league derby between the two teams at Goodison before Everton move into a new stadium in 2025.
Liverpool are seven points clear of Chelsea and Arsenal at the top of the Premier League table, with both those teams set to play on Sunday – at Tottenham and Fulham respectively.
Sean Dyche’s Everton are 15th in the top flight, five points clear of the relegation places.
The Toffees announced after the match’s postponement that they had donated food to local foodbanks and charitable causes across the city.
Items such as pies and sausage rolls had been prepared in anticipation for the 40,000 crowd that had been expected at Goodison Park.
Millions of people in parts of Wales and south-west England have been told to stay at home to avoid danger during the storm.
Forecasters have warned of winds of up to 90mph in some parts, while the Met Office issued its highest-level red warning to cover areas of western and southern Wales – where tens of thousands of homes are without power.
Fearless Oyo State Born Islamic Scholar Sheikh Muhydeen Ajani Bello Passes on
Sheikh Muhydeen Ajani Bello, a well-known Islamic scholar and preacher, has passed away at the age of 84. His death was announced by Sheikh Akewugbagold Taofeek, an Ibadan-based cleric, in a Facebook post on Friday. Sheikh Akewugbagold prayed for Allah’s mercy on his soul.
The news of his passing has left the Muslim community in mourning. Born in 1940 in Ibadan, Sheikh Bello was deeply respected for his teachings and commitment to Islamic scholarship. His death was also confirmed by Alfa Aribidesi of At-Tawdeeh Islamic Da’wah likewise his son, the popular Islamic singer Alhaji Basit Olarenwaju Alh Basit Olanrewaju Katibi Bello, also known as Aponle Anabi, who shared the news of the demise of the renowned scholar in a social media post on Friday.
Aponle Anobi posted crying emojis with a picture of the Sheikh but did not provide any other details.
Although the cause of his death is unknown, Sheikh Bello’s passing marks the end of an era for a leader who devoted his life to guiding and inspiring others. One of his followers described him as a father and mentor, expressing grief but accepting Allah’s will.
Details of his funeral have not been officially announced, but there are reports that he may be buried according to Islamic rites on Friday evening.
Adron Homes Leads Call for Innovation and Urbanization at Oyo State Real Estate Conference
The Chairman of Adron Homes and Properties, Aare Adetola Emmanuelking, delivered a powerful address at the maiden edition of the Oyo State Real Estate Conference, organized by the office of the Special Adviser to the Governor on Housing and Urban Development, in collaboration with the Real Estate Developers Association of Nigeria (REDAN), Oyo State Chapter.
Themed “Positioning and Globalization of Oyo State Real Estate – Road to Urbanization,” the event, held in Ibadan, brought together industry leaders, government officials, and stakeholders to discuss opportunities and challenges in the state’s real estate sector.
In attendance were notable dignitaries, including the Deputy Governor of Oyo State, Barrister Bayo Lawal, the Special Adviser to the Oyo State Governor on Housing and Urban Development, Honourable Akinsete Olakunle, the REDAN Oyo State Chapter Chairman, and other key players in the real estate and urban development sector. Their collective presence underscored the significance of the conference and its importance to the state’s growth and development.
In his keynote speech, Aare Emmanuelking lauded the organizers for their forward-thinking vision, emphasizing that the conference came at a critical time when globalization and urbanization are reshaping the real estate landscape in Nigeria.
“This groundbreaking initiative is a testament to Oyo State’s commitment to fostering growth and excellence in the real estate sector. At Adron Homes, we are proud to be at the forefront of this revolution, not only as developers but as visionaries reshaping the future of real estate in Oyo State and beyond,” he stated.
Highlighting Adron Homes’ contributions to sustainable urbanization in Oyo State, Aare Emmanuelking detailed the company’s investments in strategic locations, including West Park and Gardens Aiyegun Oleyo, London Parks and Gardens Akufo, Moscow Parks and Gardens Moniya Iseyin Road, and several others. He noted that these projects were designed to not only provide quality, affordable housing but also create vibrant communities that align with the state’s vision and master plan.
“Real estate is not merely about building structures; it’s about creating communities, enabling aspirations, and unlocking the economic potential of our people,” he emphasized.
The Deputy Governor of Oyo State, Barrister Bayo Lawal, commended Adron Homes and other stakeholders for their role in transforming the state’s real estate sector. He acknowledged the company’s unwavering commitment to affordable housing and sustainable development, calling it a model for other developers in Nigeria.
The conference provided a platform for meaningful dialogue, with industry leaders like Aare Emmanuelking contributing valuable insights on innovation, opportunities, and the best practices for positioning Oyo State as a real estate leader.
As the event concluded, Aare Emmanuelking reiterated Adron Homes’ commitment to collaborating with REDAN and the Oyo State Government to build a brighter, more sustainable future for the people of Oyo State. He expressed optimism that this inaugural conference would pave the way for impactful engagements in the years to come.
ZENITH BANK WINS COVETED BANK OF THE YEAR AWARD IN THE BANKER AWARDS 2024
Zenith Bank Plc has emerged as ‘Bank of the Year, Nigeria’ in The Banker’s Bank of the Year Awards 2024. The award, which was announced by The Banker Magazine, Financial Times Group, United Kingdom, during the awards ceremony held in London on December 4, 2024, is in recognition of the bank’s strong management, sound business model and strategy, and approach to sustainability and ESG banking practices.
The Banker’s ‘Bank of the Year’ accolade is among the most coveted and widely regarded award in the banking industry. Often contested by the world’s leading financial institutions, the winners span across Africa, Asia-Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Western Europe.
Commenting on the award, the Group Managing Director/Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said “We are delighted and honored to have been recognized as the Bank of the Year, Nigeria in The Banker’s Bank of the Year Awards 2024. This award is a testament to the unwavering trust and loyalty of our esteemed customers, the unparalleled leadership and guidance of the Board and Management as well as the hard work and dedication of our staff. It also reflects our bank’s steadfast commitment to delivering excellent services to our customers and contributing to the growth and development of the Nigerian economy. We will continue to invest in innovative technologies, expand our range of products and services, and maintain our commitment to exceptional customer service in order to sustain our position as Nigeria’s Number One Bank.” She lauded the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his visionary role in laying the foundation for a reputable, dominant and globally recognised financial institution known for innovation, superior performance, and the creation of premium value for all stakeholders.
In November 2024, Zenith Bank commissioned its Paris Branch following the granting of the final approval by France’s banking regulator, the Autorité de Contrôle Prudentiel et de Résolution (ACPR). This is part of the bank’s global expansion strategy, and its commitment to serving clients wherever their businesses are around the world.
Zenith Bank has continued to earn numerous awards, with this latest accolade coming on the heels of several recognitions. These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year in the 2024 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2023 and 2024 Banking Awards.
Further recognitions include Best Bank in Nigeria for four years from 2020 to 2024 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for four consecutive years from 2021 to 2024 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022, 2023 and 2024 and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.
The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and Retail Bank of the Year for three consecutive years from 2020 to 2022 as well as Bank of the Year, 2023 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, Best in MSME Trade Finance, 2023 by Nairametrics and Most Responsible Organisation in Africa 2021 by SERAS Awards.
Dignitaries to Grace Kamorudeen Yusuf’s Ogun State City Boy Movement Empowerment and Youth Summit
The Ogun State City Boy Movement, led by Kamorudeen Olawale Yusuf, Personal Assistant to President Bola Ahmed Tinubu on Special Duties, is set to host a landmark empowerment program and youth summit in Abẹ́òkúta, the state capital, on Saturday, December 21, 2024. The event underscores President Tinubu’s commitment to youth empowerment and education, aligning with his administration’s agenda to drive economic growth and entrepreneurship.
₦45 Million in Empowerment Grants
The summit, the first of its kind, will feature an empowerment initiative worth ₦45 million to support young entrepreneurs and business owners. Highlights include:
₦500,000 grants for 50 medium-scale entrepreneurs.
₦200,000 grants for 100 small-scale business owners.
Funding for three innovative tech ideas that provide creative solutions for social impact.
Additionally, 30 market women across Ogun State will receive ₦200,000 each, and scholarships will be awarded to students as part of the movement’s broader commitment to education and economic growth.
Key Guests and Speakers
The event will attract a host of dignitaries, including:
Prince Dapo Abiodun, Governor of Ogun State, as the Special Guest of Honour.
Bosun Tijani, Minister for Communication and Digital Economy.
Other notable speakers include Charles Odii, Director-General of SMEDAN; Dr. Oluwatoyin Afiz of ITF; and Miss Rinsola Abiola, Senior Special Assistant to the President on Citizenship and Leadership.
Comprehensive Agenda
The summit will feature panel sessions focusing on key sectors such as MSMEs, technology, agriculture, and the creative economy. These discussions aim to equip participants with tools and insights to drive economic transformation in Ogun State.
Educational Impact
In addition to the empowerment program, the City Boy Movement has taken steps to improve education in the state. Classroom furniture was donated to six primary schools across Ogun State’s three senatorial districts. Each school received 50 sets of tables and chairs, accommodating a total of 900 students and significantly enhancing the learning environment.
For youth entrepreneurs and stakeholders, the summit offers a rare opportunity to secure funding, gain insights from industry leaders, and network with influential figures in government and business.
This event not only marks a step toward empowering Ogun State’s youth but also highlights the City Boy Movement’s dedication to fostering long-term economic and social development.
Aristos Band releases ‘Battalion Praise’ thanksgiving medley
Aristos Band, a multiple award-winning music group, has released its much anticipated medley titled ‘Battalion Praise’.
‘Battalion Praise’ is a gospel rendition of melodious thanksgiving medley that cuts across different Nigerian tribes. It features a large ensemble of African percussions and sound that transports the listeners and audience into an atmosphere of euphoric praise to the Almighty.
The inspirational medley is currently available on all digital streaming platforms.
Aristos band was founded in 2008 by Sammy Sodeke, popularly known as “Sammy Sho” a veteran Keyboardist, Saxophonist, music producer/instructor who has played and directed music from within and outside the shores of Nigeria with vast experience in live music entertainment and music management.
BATTALION PRAISE IS available on all streaming platforms.
Full video on YouTube @aristosband
Aristos Band…The Life of The Party
Trouble in GTBank Utopia as Aggrieved Customers Vows to Dump the Problematic Bank Despite Last Minutes Appreciation
…Bank Accused of Withholding Funds to Prevent Customer Migration
Guaranty Trust Bank (GTBank) is facing a potential mass exodus of customers, despite issuing a recent statement of appreciation and apology for disruptions caused by its ongoing system upgrade. The bank’s reassurances appear to have done little to pacify frustrated depositors whose financial activities have been severely disrupted.
In a statement shared on November 27 across its social media platforms, GTBank expressed gratitude to its customers for their patience during the transition to a new core banking system. The bank apologized for the service disruptions and pledged to deliver a seamless banking experience moving forward.
However, many of the bank’s customers remain unconvinced. Some believe the apology is merely a public relations move, with unresolved issues such as unrefunded deductions and unprocessed transfers still plaguing users.
One disgruntled customer, speaking to Society Gazette, described the statement as insincere, stating:
“How can you appreciate me when the core issues remain unresolved? My corporate account has been severely affected. Illegally deducted funds have not been refunded, and a transfer I made nearly two months ago is still pending. Instead of addressing these problems, GTBank chooses to issue hollow words of appreciation.”
Unresolved Issues Spark Widespread Frustration
Findings suggest that GTBank’s system upgrade has yet to fully stabilize, with numerous customers’ still awaiting refunds for hanging transactions and illegal deductions. Allegations have emerged that the bank is intentionally delaying refunds to deter customers from migrating to other financial institutions.
According to insiders, the delay in resolving customer grievances may be linked to fears within GTBank’s management that a swift resolution would accelerate the anticipated mass departure of dissatisfied clients.
Internal Challenges at GTBank
Sources disclosed that GTBank’s recent challenges stem partly from a depletion of its IT workforce. Over the past few years, many of the bank’s IT experts have left the shores of the country for better opportunities with the bank choosing not to immediately replacing them, leaving the department understaffed. This has reportedly contributed to the chaotic rollout of the new core banking system.
To address the crisis, GTBank, we reliably gathered had outsourced the system upgrade to Indian IT specialists who had been battling with it and that the bank only has recently hired new set of young personnel to bolster its struggling IT team. Despite these efforts, the transition has been fraught with setbacks, leading to customer dissatisfaction and reputational damage.
What Lies Ahead for GTBank?
As frustration among its customer base continues to mount, GTBank faces an uphill battle to minimize the number of affected customers that are bound to move their critical banking services away from the bank, though some will definitely stick with the bank provided they were able to stabilize operations. To win those who are still undecided the bank must prioritize resolving pending issues, such as refunding affected customers and ensuring smooth transactions, to stem the tide of discontent.
With a competitive banking landscape and alternatives readily available, GTBank was exposed to the risks of losing some of its long-standing customers.
This crisis serves as a stark reminder of the critical importance of customer trust and the potential repercussions of failing to deliver on promises in a digital-first banking environment.
